Australia’s $67 billion new car obsession

Australians spent an estimated $67 billion on new cars last year.

The astronomical figure is a reflection of the record number of vehicles which left showrooms in 2024 and the soaring price of new cars.

The biggest estimated spend was on the Ford Ranger, as buyers of the Blue Oval’s ute splashed more than $4.3 billion to park one in their driveway.

It was followed by the Toyota HiLux at close to $3.5 billion, then the Tesla Model Y at $2.5 billion, and the Toyota LandCruiser at just over $2 billion.

The showroom spending estimates come from a new website, The Beep, which has been created to track showroom pricing in Australia.

CarExpert also provides accurate data on the average price of new cars with our Sold Price Report.

It compiled the estimate by using a model-by-model analysis of car sales last year, and then applying the pricing data for each, although it admits the numbers cannot be totally accurate without access to the actual transaction prices for vehicles.

“It’s a top level-view and doesn’t adjust for variables like different sales channels – demos, company fleet, etc – but I wouldn’t think it would have a dramatic change on the estimate,” the co-founder of The Beep, Rob Leigh, told CarExpert.

CarExpert had previously tried to obtain figures for new-car spending from both the Australian Automotive Dealers Association and the Federal Chamber of Automotive Industries, but both organisations said they didn’t track these details.

The spending estimates are based on an analysis of 246 individual models, from the Alfa Romeo Giulia to the Volvo XC90, and the record total of 1,216,780 vehicles delivered in the 2023 calendar year.

Based on these figures, the average price of new cars sold in 2023 was $61,937.

It estimates the average new-car price in showrooms today is close to $103,000, although this is based on only price tags and not taking into account deliveries. It’s therefore skewed by prices for luxury brands including Rolls-Royce, Bentley, Ferrari, Lamborghini and McLaren.

The site also tracks rises and falls in car pricing, with Mr Leigh reporting that Ford had the largest increase in showroom stickers over the past year at 20.9 per cent. It was followed by Toyota with 10.5 per cent and Hyundai at 8.9 per cent.

In contrast, prices for Mini models fell by 10.8 per cent, followed by Alfa Romeo at 9.1 per cent and Tesla prices by 7.7 per cent.

Model
Ford Ranger $4,346,000,000
Toyota HiLux $3,488,850,896
Tesla Model Y $2,522,475,872
Toyota LandCruiser $2,019,073,459
Isuzu D-Max $1,942,237,345
Toyota Prado $1,684,731,733
Toyota RAV4 $1,573,176,414
Mitsubishi Outlander $1,368,006,898
Tesla Model 3 $1,357,829,115
Mazda CX-3 $1,193,946,201

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